The Corporate Affairs Commission (CAC) has ordered 4,173 bureau de change (BDC) operators to restructure their operations.
In a statement issued on Wednesday, the CAC instructed these BDCs to change their names and business objectives within three months.
This directive follows the Central Bank of Nigeria (CBN)’s revocation of licenses for these BDC operators on March 1 due to non-compliance with regulatory requirements.
The CBN cited failures such as not paying necessary fees, including license renewals, within the stipulated time, and not adhering to regulations on reporting, compliance with CBN guidelines, directives, and circulars, especially concerning anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF).
The CAC warned that failure to comply with the restructuring directive within the given timeframe would result in the cancellation of the certificates of incorporation and the dissolution of the companies.
“The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria via a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024, for non-compliance with regulatory standards, the Corporate Affairs Commission, in exercise of its powers under section 8(1)(e) of the Companies and Allied Matters Act, 2020, advises these companies to change their names and objects within three months from the date of this publication,” the CAC stated.
